The International Capital Market Association (ICMA) released the March 2025 edition of its Recommendations for Reporting under SFTR, offering essential guidance for market participants navigating the complexities of the EU and UK Securities Financing Transactions Regulation (SFTR). This comprehensive document aids firms in interpreting the regulatory reporting frameworks specified by the European Securities and Markets Authority (ESMA) and the UK Financial Conduct Authority (FCA), providing best practice recommendations to clarify ambiguities in official guidance. 

Developed through extensive collaboration with over 150 firms in ICMA’s European Repo and Collateral Council (ERCC) SFTR Task Force, the guide addresses practical challenges in reporting securities financing transactions (SFTs), including repos and reverse repos. It covers critical aspects such as lifecycle event reporting, collateral reuse, and margin updates. The March 2025 update incorporates new guidance on topics like sponsored and variable-rate repos, reporting obligations of foreign branches, and the treatment of pooled collateral.